PSPC 'Incompetence' Causes National Exchequer To Lose Over Rs190 Million

PSPC 'Incompetence' Causes National Exchequer To Lose Over Rs190 Million
The Pakistan Security Printing Corporation has caused a whopping loss exceeding 190 million  to the national exchequer, Naya Daur --  The Friday Times has learnt.

The corporation incurred the loss due to irregularities over the acquisition of note printing machines, according to documents perused by Naya Daur -- The Friday Times. The PSPC had concluded an agreement with Japanese company UNO to procure banknote finishing machines for Rs560 million. The company had pledged to deliver the machines in 14 months.

The 14-month timeframe was superfluous, audit officials said. PSPC officials also deliberately delayed concluding the agreement by three months, they said.

Audit officials said PSPC incompetence had caused the national exchequer a loss that exceeded Rs190 million. The PSPC, officials said, was bound under Public Procurement Regulatory Authority (PEPRA) rules to ensure machines' delivery in 12 months. The corporation, furthermore, was obligated to conclude the contract in 45 days too.

The Public Accounts Committee (PAC) of the National Assembly has ordered the Federal Investigation Agency (FIA) to probe the matter. The agency has been directed to present a report in one month.